MTECHTIPS;-Crude oil to trade in 2855-2911

MTECHTIPS-Crude oil trading range for the day is 2855-2911. Crude oil settled flat as investors continued to doubt whether OPEC and its allies’ global pact to curb production would stem the glut in supply amid rising U.S. output. Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation rose by 6 to 747 in the week to June 16. OPEC said that output from the group rose by 336,000 bpd in May to 32.14 m bpd while the IEA said it expects production to grow by 700,000 bpd this year. SELL CRUDE OIL JUN 2017 @ 2920 SL 2960 TGT 2870-2820. MCX.